Million Dollar Homes in Atlanta Still Selling Well

By
Real Estate Agent with Atlanta Communities Real Estate Brokerage GREC #208281

The latest sales numbers for the Atlanta FMLS recently came out.  Overall, the total number of closings in May were down 28.5% vs. May of 2006.  But the average sales price went up from $263,087 to $264,487.

The reason for this increase in average sales price was due to the million dollar plus homes being a larger proportion of the total number of homes that have sold. In May of 2005 there were 50 homes over one million dollars sold which accounted for 4.36% of sales.  In May of 2007, there were 97 of these homes which accounted for 9.12% of total sales.

My personal observations confirm these numbers.  While driving around the ritzy neighborhoods north of Buckhead, I've seen many under contract signs. 

The big question that I get asked all of the time is "Who are all of these people who can afford to buy these million dollar homes?" It's not  a market that I've focused on, but I do know many people who live in million dollar plus homes.  They are usually just normal, nice people who have  a successful business and have made some very good financial decisions.  Many of them are also lawyers. 

I will eventually be one of those people.  So when you hear that question, you'll be able to say you know a nice guy who made his money by helping many people find the home of their dreams.

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About the Author:  Tim Maitski has been a full time Realtor since 1999. He has sold several hundreds of homes in areas around metro Atlanta.  Tim started with RE/MAX Greater Atlanta and is now with Atlanta Communities Real Estate Brokerage.

 

Along with blogging on ActiveRain, he provides one of the best real estate websites in Atlanta at www.HomeAtlanta.com .

 

His proprietary  "Maitski Line Reports" chart out the absorption rates over the past 14 years in 37 different market areas.  Know when it's a good time to buy or a good time to sell.    

 

His online Property Tax Calculator allows you to compare property taxes in many counties and cities around the Atlanta area.  He provides the Atlanta MLS Power Search Tool that allows searches of homes using over 35 specific criteria.

 

Over the years, Tim has optimized his business so that he now can offer a huge 50% commission rebate to his buyers.  The more experience one gets, the easier the job becomes.

 

Tim also has a "Five Days to Sold" System that uses an intensive marketing blitz to create a showing frenzy that creates urgency and offers.

 

Tim is always looking to LinkIn with anyone who is interested in building their social network.

 

View Tim Maitski ●Atlanta Realtor●'s profile on LinkedIn

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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

We are seeing similar trends here, too, Tim, although the average prices are higher. It seems the number of lower priced homes has slowed, perhaps in part due to the changes in the mortgage industry and the impact on first time buyers. But homes at the very high end (above $10 million) continue to sell at about the same pace as they have been. Many of these are cash buyers with several homes. The impact on such buyers is very different, for obvious reasons. I continue to be amazed at the number of buyers who can afford the median priced home (currently $650K...and that is a starter home in many communities in some there are NO homes at that price except condos).

Bet you will be in that high-end home before long.

Jeff

Jun 25, 2007 03:40 PM #1
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